21 Aug 2018
Top 3 Ways to Monetize Your Customer Engagement
Customers who turn into constant or loyal buyers really help businesses succeed. They are business advocates and are likely to talk to others about the goodwill, products, and services of the company. So, how do you get to move your customers from one-time buyers to passionate loyal brand supporters? Customer engagement is the way! The frequent, conventional and positive interactions with clients instill favorable impressions in their minds about your business, its products or services. As a result, those engaged customers become loyal customers with increased purchases and will recommend the company’s offerings to others.
Before we proceed, let’s take a look at what Customer Engagement really is.
What is Customer Engagement?
Customer Engagement is the engagement of customers with one another, or with a company or a brand (and a combination of both). Customer engagement is based on regular interaction with clients in order to establish an emotional relationship with them and to ensure their commitment to the business in a sustainable way. It involves initiating customer interactions, resolving issues, retrieving feedback, or learning how to improve services.
By improving customer relationships through customer engagements, your business remains ahead of your competitors’. In the business industry, customers are the ones being targeted. Losing them because of the company’s inability to provide certain services or unsatisfactory services will result in a loss of assets. Good customer engagement implies good business output.
Active customer engagement strategies can be of crucial importance in building strong, long-term relationships with customers. If you can develop predefined strategies, you can spontaneously achieve a higher degree of engagement, which increases the chances of gaining customers. This way, you will soon forget about the threat of losing them to competitors.
Regardless of whether they are in a hospital, hotel, spa center, bank, law firm, travel agent or taxi, engaging your customers starts with understanding how they would like to be served. The statement is clear. If you take care of your customers, value their patronage, and provide them with a memorable service, then they will be back to patronize your business again. Very Simply. In our quest to help organizations in becoming more service-centric, we’ve set out some strategies to assist you in engaging your customers, therefore, helping you in monetizing your customer engagement.
The following are a few critical components of an ideal customer engagement strategy.
3 Customer Engagement Strategies and How to Monetize Your Customer Engagement
1. Engage Your Customers to Interact Using Social Media.
Driving traffic using social media is becoming a standard part of many marketing strategies, and an important piece of customer engagement. This can be accomplished by linking your website and emails to your social outlets by Including buttons on all of your external marketing efforts. Encourage your customers to engage with you and inform them of the benefits they will get from such an interaction.
Don’t set up accounts and forget about them! Be sure to spend time monitoring and responding to engagement and dialogue on your social channels so that potential clients don’t lose trust in your brand.
When looking for the right social/engagement platform be sure to find those that allow you to create polls and invite people to complete them. You also want to look for platforms that allow for true two-way dialogue. When possible if cutting edge technology like AR is available that is yet another brilliant use of technology for customer engagement.
In all of these scenarios, it is important to track the sentiment and behavioral data around your engagement. You’ve done a lot of work to listen to your client – you deserve that data! Then use the data you collect to support or refine your business goals and outcomes. Ask questions of your potential clients and listen to their answers. Instead of always expecting people to come to you, interact in ways that let them know you are really interested in what they think.
How to Effectively Monetize Social Media
Companies are continuously using social media in an effort to promote their brand and boost their sales. The best thing that you can do with social media is to build an online presence and to make people aware that your business exists. After that, monetizing your social media is next. Look for opportunities on social channels that give you the biggest share of voice for your dollar. Additionally the more direct browsing opportunities the better.
Social media creates new connections and is considered one of the best tools for generating sales opportunities. New contacts are not only important to promote your brand on social media, but can also be effectively used for your e-marketing efforts.
Theoretically, all your followers on social networks can be considered potential customers. However, only their existence cannot guarantee sales. This makes lead generation the first step towards conversion. You must try to direct your potential customers through the sales funnel.
To efficiently generate leads, offer your audience something in return for following you and sharing their contact information.
2. Using Mobile Apps
Right now, mobile apps are part of everyone’s life, and businesses are looking into it more. The use of mobile devices is soaring at an unbelievable speed, as well as the popularity of mobile apps. Your business can benefit from selling on mobile applications, no matter the industry you are in.
Apps grant you access your clients, but first, you have to convince them that downloading and installing your app is worth it. If you can use the app to offer exclusive discounts or as part of a loyalty program, clients are more likely to download your app. Also don’t be afraid of appropriate integrations. For example, SpokeHub is a global engagement platform that has AR, polls, and chat natively built into the app. These are all features that seamlessly integrate into a business’s mobile app. They create more incentive for customers to download the app.
Once your customers install the app, it’s difficult to forget about your business because they will see your app icon whenever they are scrolling through their other applications. Whenever you don’t feel like you’re interacting properly with your app, you can always use notifications to increase customer engagement.
How to Effectively Monetize Mobile Apps
This is a common app monetization strategy that provides a suitable solution for a wide range of goods and services and installing a paywall that unlocks new features or content in the application. This type of earning method must be perfect and enjoyable so as to increase sales.
When subscriptions are a viable option, they are a useful way to create a reliable and consistent source of revenue. This method is most effective when you can continue adding new content. Users won’t subscribe to the app if the business does not update the content daily. A short update cycle is an excellent way to get repeat customers to regularly visit your app.
In applications where subscriptions or in-app purchases are not an appropriate option, it’s useful to add well-positioned ads. The ads should not interrupt the basic use of the app or damage the overall user experience. Most modern ad networks offer targeted ads that can significantly improve your potential revenue.
3. Create A Business Blog & Keep it Loaded with Relevant Content
While not every business needs a blog, it can be an outstanding way for potential clients to interact with your brand by reading your content, leaving comments, and sharing links to your site. Remember to think about the content you are going to create by answering the questions your clients have, rather than just telling them what you want them to know.
How to Effectively Monetize A Business Blog
AdSense is one of the most commonly used monetization tools for business blogs. You can start earning by simply signing up for Google AdSense and publish your ads once you’ve been accepted. You’re going to need to follow a few procedures in order to get your request approved, but then you can earn money when people click on ads that will be published on your blog by AdSense.
Receive private ads and advertise E-books
If you already have a business blog that your customers know, it’s easier for you to accept private ads. Your clients can pay you to advertise their website by making a review and linking it to their site. You can also be an affiliate marketer by advertising e-books and connecting people to the site where they can buy them.
There you go! We hope you’ve learned through this blog a few helpful customer engagement strategies and how to monetize them. Implementation of these strategies will help you build your brand and engage with customers. This can also be a significant source of revenue. Customer engagement matters because an engaged customer is a loyal customer. It’s these customers that will bring new customers via their recommendations to others. So, use these strategies to monetize customer engagement and see your business generate more revenue than ever before.